Outsourcing Financial Management

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  • #370732
    white_rose
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    We dropped our management company last year due to budgetary reasons but have been struggling with the financial aspect of the HOA as of late. Our board members either don’t know how to manage finances properly or just can’t be bothered to put in the time. We’ve been toying with the idea of outsourcing just the financial management aspect and retaining the rest in-board. Does that make sense? Has anyone else tried this? What are your experiences? Just want to get some input before we commit to hiring a firm.

    #370733
    cascascassie
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    How many units are in your association?

    #370734
    white_rose
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    We are a nearly 300-unit community in Indiana.

    #370735
    cascascassie
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    Considering you have 300 units in your HOA, I think the decision to fire your management company was a bad one. You’ll quickly find that financial management is not the only thing you’re gonna have a hard time with over the next year or so. I suggest you hire another management company but maybe look for one that your budget can afford.

    #370736
    white_rose
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    Unfortunately, looking for a management company that we can afford isn’t as easy as it sounds. We’ve been forced to cut a lot of our spending due to a budget deficit.

    #370737
    cascascassie
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    What’s causing your budget deficit? Are there too many owners not paying their fees? Perhaps this is a larger problem when you dig deeper and not something you can fix by simply hiring a financial management firm.

    #370738
    arnie920
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    I’m on the board of our condo in Seattle and let me tell you – outsourcing our financial management tasks made life a lot easier. It’s the thing most people don’t know how to do since it requires a fair bit of knowledge, so it really helped us in terms of our workflow and budget when we hired a professional to do most of the work. 100% would recommend.

    #370739
    white_rose
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    @cascascassie I’m not sure why we’re in a deficit (I’m not on the board but I am a VERY concerned homeowner). I’ll have to bring that up at the next board meeting.


    @arnie920
    Thanks for your input! I will definitely suggest it to our board.

    #371429
    cascascassie
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    Budget deficits definitely need to be looked into if it happens often. Odds are something’s not right internally. Let me know how that works out for you!

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